The market finished the week at 5513.85, down 4.62 points from the previous week's close of 5518.47. On Friday's trade the All Ordinaries finished down 12.35 points or 0.22 per cent.
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On Monday, the Australian market opened lower this morning on the back of Wall Street's falls on Friday. The ASX 200 briefly bounced back before midday, but lost the momentum again in afternoon trading to close below the 5400-point mark, weighed down by three of the big four lenders and index heavyweight Crown. Most sectors finished lower today, with only information technology squeezing out a minor gain.
On Tuesday, Cochlear provided 2016 Chairman's AGM address to the shareholders. The Chairman reported a record net profit of $189m in FY16, an increase of 30 per cent on the FY15 full year result. The business achieved a major milestone with sales revenue exceeding $1bn for the first time. For FY17, it expects net profit to be within a range of $210-225m, an increase of between 10-20% on FY16. COH added 23 cents following the news and ended the week on $135.10.
On Wednesday, CIMIC Group announced a solid result for the nine months to 30 September 2016, continuing to deliver sustainable, cash-backed profits. On 10 October 2016, the Company also announced it owned 13.84% of UGL and intends to make an offer to acquire the remaining shares in UGL through an off-market takeover at a price of $3.15 per share. CIM lifted 71 cents following the news and ended the week on $30.69.
On Thursday, Woodside Petroleum provided third quarter report for the period ended 30 September 2016. Production was 13.5% higher than the previous quarter. WPL climber slightly following the news and ended the week on $29.30.
At the close of weekly trading, the gold price finished at $1,251.70 per ounce, the WTI oil price traded at $51.00 a barrel, and the Australian dollar was worth US $0.762.
In the US on Friday night, the Dow Jones finished down 16.64 points to end the week at 18,145.7, causing the Share Price Index to finish down 9 to end the week at 5406.